March 2024 Summaries

Socure and Okta have partnered to support secure, scalable, and accessible digital identity services for U.S. government agencies as public-sector programs increasingly move online and face heightened fraud risks. Socure provides automated, AI- and machine-learning-enabled identity verification and fraud prevention, while Okta supplies identity and access management capabilities such as centralized identity management, adaptive passwordless multi-factor authentication, contextual access controls, and threat detection. Socure’s ID+ platform has received FedRAMP “In Process” status and StateRAMP “Progressing” listing, complementing Okta’s FedRAMP and StateRAMP authorizations. The partnership aims to help agencies improve online enrollment, reduce reliance on manual reviews and knowledge-based authentication, prevent identity fraud, and expand access for populations that may be difficult to verify, responding to concerns about usability, equity, and losses from fraud in digital government services.

A large prepaid, mobile, and digital banking company replaced five fragmented identity-verification providers after they produced high customer friction, weak fraud prevention, costly manual reviews, and poor coverage for thin-file, credit-invisible, younger, and new-to-country applicants. Following an analysis of more than 8.5 million records, the company adopted Socure’s identity verification, fraud prevention, KYC, AML screening, and decisioning products, reportedly raising automatic verification from 79% to 92%, with one major portfolio increasing from 66% to 84%, and improving approval among 18-to-21-year-olds from 58% to 80%. Socure also reportedly verified up to 65% of previously unverified applicants, potentially enabling about 216,000 additional approved accounts annually, while reducing identity-fraud losses by 54%, increasing fraud capture with an updated model, cutting false positives, and limiting manual review to 5% of applications. The company said these improvements generated $24 million in annual value for its mobile banking business and a 19.3-fold return on investment for its digital banking unit, while maintaining flat provider costs.

Socure presents its Digital Intelligence Suite as a fraud-prevention system that combines device, behavioral, and digital identity data to assess identity risk during onboarding and other sensitive customer interactions. Built on its consortium-based Identity Graph, the platform uses machine learning, third-party and customer feedback data, behavioral signals, and large language models to identify suspicious patterns while approving legitimate users in under 150 milliseconds. Its Device Intelligence reviews more than 100 attributes to detect spoofed or compromised devices, Behavioral Analytics identifies anomalous session behavior associated with bots or fraud attempts, and Entity Profiler links historical digital footprints, transaction patterns, and authoritative identity data to form a persistent view of users even when device identifiers change. Socure says the upgrade improves Sigma’s identity fraud detection by more than 5%, can reduce false positives, and may deliver returns of up to 15 times in some cases, while supporting use cases ranging from account opening to logins and high-value transfers.